Nigeria Repeals 2024, 2025 Budgets

The Nigeria — House of Representatives (Nigeria) has repealed and re-enacted the 2024 and 2025 Appropriation Acts, a decision explained by Deputy Spokesperson Philip Agbese as a move to align Nigeria's budgeting framework with global best practices, enhance transparency, and ease implementation challenges. This legislative action, prompted by President Bola Tinubu, aims to streamline the country's fiscal process and establish a single national budget cycle after March 31, 2026. The revised 2024 budget increased to ₦43.56 trillion, and the 2025 budget to ₦48.32 trillion, with the capital component of the 2025 Act extended to March 31, 2026. President Bola Tinubu has committed to ending the practice of running multiple budgets by March 2026, transitioning to a unified revenue cycle to address issues like abandoned projects and unpaid contractual obligations. The House Committee on Appropriations, led by Abubakar Bichi, was commended for its prompt work on the re-enactment bill. The Nigeria — Federal Ministry of Budget and Economic Planning (Nigeria) was also praised for its role in developing a realistic budget framework.